10-point deduction? A glimmer of hope?

Just listened to Solent and on comes AA who is at the Emirates, Arsenal or Citeh going under?

He said its up to League if we get deducted 10 points but he said there are no grounds for this in his opinion as there are no footballing debts, CSI is a holding coy but to 7 other businesses, unlike Scum whose holding coy only had Scum FC and it was obvious they were trying to bend the rules.

He also said the debts are inter company and the loans with Antonov and CSI.

Club should be funded until February on cashflow, but £2m is due to Portpin in April and another accountant also interviewed said this would be the first sign as to problems.

A glimmer of hope?

Written by Jimsmithswig and initially posted in the forum - click here.

The views within this article are the views of the individual who wrote and submitted this piece, sometimes solely theirs. They are not necessarily shared by the Vital Pompey Site Journalists.

Your Comments (oldest first)

Rug, Jim, this is as I've maintained Pompey is a seperate ltd co and a going concern. The law is quite clear that you should not liquidate the assets of a going concern indeed Chan would be in a strong position to force recovery from non going concerns and cause them to be used to support a going concern ie Pompey or the Sports agents. Chan won't be delighted to have the club back , well his wife won't , but hey we all have women trouble at some point as a Pompey fan. Chan will have a far easier time to divest himself of Pompey this time. I have been involved in Business Recovery within the development business I work and far more precarious situations have been rescued. Furthermore a going Admin Andy would probably argue that the FL - if it imposed - 10 point was causing a viable company to become non viable; this he might argue is a breach of law. AA has a good record for Pompey in the courts and against the footie authorities , he also has a knowledge of the club; perhapse I should be more concerned than I actually am.

Saints got a 10 point deduction because other relegation threatened teams warned that they would sue if they didn't. Southampton Leasure holding owned morgage companies, property developement companies and radia staion and a loans company, which Rupert Lowe use to syphon money of into. They were systematically sold prior to SLH ltd going bust.
Coventry are not likely to have a go because they will be in a similar possition soon enough and Bristol will be out of the mire soon. Keep one eye on Ipswich and Forest!

BTW. I have no time for point’s deductions, they are fundamentally unfair and counter productive.
Unfair for the teams that Pompey have already played.
Counter productive because football fans attend games with hope, if hope is gone then Pompey will be less able to become financially secure

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